How do various lenders view

[Snglmom]

paid charge offs???? Anyone want to hazard a guess on this one? My big fear is paying the settled amount and my fico going down the tubes....

[Hideous]

i don't know how settled and full balance paid off works but i do know that paying a CO shouldn't have an effect on your score other then lowering your balance to limit ratios. atleast for me i think thats all that happened i think paying my co gave me like 10 points. paying my judgement did absolutely nothing.

 

but on my wifes credit geting her one 30 day late off gave her 45 points.

 

the whole system is wierdd. ;-)

[Snglmom]

I totally agree...how in the world are we supposed to manage our credit with 3 agencies all operating under different guidelines and rules....this is NUTS

[BizCredit]

Although I am not positive about this, it seems to me that if your score were to go down when paying off a charge off, then you should not pay it off until the closing, that way the bank knows its paid, and yet your score is higher when you apply....

 

anyone?

[Snglmom]

bump

[Hideous]

the only way i have ever heard of paying a co hurting credit is when the company reages the account bar reageing all you can do is gain. if they do reage though then you got to dispute it etc taking 30 or 60 days if it takes 2 rounds. although this shouldn't happen i hear it does from time to time.

 

how old is the CO ?

 

i think if its older then 2 years ifs effects are greatly diminished.

[willtygart]

would paying it off make it a charge off thats more recent? last activity? I mean some say no charge offs in last 12 months or 24..if one is a charge off with an old activity and you pay it off...then it is a recent activity and shows as a newer charge off I think :shock:

[BizCredit]

Although I am not positive about this, it seems to me that if your score were to go down when paying off a charge off, then you should not pay it off until the closing, that way the bank knows its paid, and yet your score is higher when you apply....

 

anyone?

[Snglmom]

Makes sense.....I am thinking the best course for me would be to put the funds in my escrow account and pay this at closing.....the CO is from October of 1999....

 

Another option I was told might work would be to open a new CC account and transfer the CO balance to it...that way the CO is marked paid and I have a new CC account on my CR......B U T .....who the heck is going to me a cc with at least a $2000 limit with a 1997 BK and a 1999 CO???????

 

EXP --- 665

EQ-------560

TU-------540

[Hideous]

mom have you been disuting all this crap as not your etc. ?

 

i can;t believe you haven't gotten anythign removed.

 

the 1997 bk is not hurting your credit that much my wife has a 1998 bk and having an 8 dollar balance on the sears card is more damagein, okay i don't know that for sure but she had a 670 with only one other TL and it was only 20 months old. so that bk can';t be doing much.

 

Get those things disputed and get on all the other thingsi n credit forum. the validation its letters etc whatever that occasin calls for.

 

we both had scores under 550 less then 4 months ago and now wifes lowest is 640ish and my lowest is 610ish. i work on it all the time i pester i call executives whatever it takes i don;'t care.

 

jsut do do do do do you will see light at the end of the tunnel i promise.

 

what did you need for your program you were after ? was it 585 ?

[Snglmom]

Hideous,

Yup 585 mid score is the magic number....Exp has my mid score so I disputed three items as not mine. Pulled my report this AM and there is NO notation of any disputes......my sister put me on her Visa and MC yesterday as AU but don't know how long it takes for that info to show up on my reports.

 

I would love to get a new CC and transfer the CapOne balance to it.....any suggestions given the 1997 BK and 1999 CO??

 

Thanks so much.....just learning the ropes here and I am sending the name/address dispute letters today....I guess I should have done that first......but hey ya gotta give me credit for trying......lOL

[Snglmom]

bump

[Snglmom]

one more shameless bump..... :oops:

[Hideous]

how is the cc's history that you are becoming an AU ?

 

whats the limit balance now and the time its been open ?

 

has it ever had any lates ?

 

 

these will all determine what it does to your report.

 

do you only have 3 trade lines or you only disputed 3 ?

 

you should IMHO not shoot for 585 if your going to even bother shoot for higher.

 

i assume you have a copy of all 3 CRA reports. take any charge off account and dispute not mine first round. take accounts that you have revolving or installment that have like a late here or there and dispute as never late, take any government things judgements BK's and dispute as not mine.

 

okay this is what i did so i am not telling you to do it jsut what i ould do. remeber that they keep a file on you at the CRA's so they know if you dipsute not yours then dispute somethign else so your first round is the best as they really don't know. some people say and i beleive it that if you dispute the same thing twice they really don't bother doing an investigation. i know one fo the reps at experian the other day yealled at me see said you disputed this 4 times first not yours whats that about ?

 

but i still think its your best bet.

 

 

my goal was to get 620 casue i heard it was the magical conventional number i hit 620 and still blasing now my score on one CRA is 660. the range from about 570-720 might only be 150 points but each one of those points is so important.

 

i woke up refreshed and i am still babling like an salamander.

[Snglmom]

Hideous, both cards are at least two years old, no lates, paid in full every month.

 

I disputed three items on Exp as not mine....one account (not disputed) is to fall off in October so I left that one alone. I also disputed with all three all previous names and addresses......

 

Sooooo that's where I sit right now, just waiting. I don't plan on stopping at 585 my goal is to get there for now and after we close on the house, then I'm going great guns with the rest of it........what do you think of disputing a ch7 BK dischg 10/97??

[Hideous]

i know i had no luck removing it when i disputed as not mine, but i read on the credit forum that some courts match you by address or soemthign along those lines and after i move and get this adress removed i will dispute it again

 

as far as things dropping off your report, smetimes they do sometimes they don't does the CRA have a line that says will be rmoved XX/xx/xxxx ? or are you jsut adding 7 years to it ? i would think in the computer age it would be all automatic but i had to disoute soemthing on my report to get it off. and it was 9 years old. also i have another one thats 9 years old but they reaged my account to the date of my BK. and now they are saying that 2 months before my BK i paid the full balance so i wasn't delinquent when i did the BK if that was the case i would have reaffirmed bah.

 

anyways thats not many bad accounts concidering your score i thought you would have more then that.

 

remeber to dispute them at all 3 CRA's if that CRA has it listed.

 

babllering again ;-(